Business, 22.04.2020 02:02, haleymoodie1998

Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories:

Product Cost Market
A $110,000 $120,000
B 80,000 76,000
C 155,000 162,000
If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be:

a. $341,000.

b. $345,000.

c. $358,000.

d. $362,000.

Answers: 1

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Alfalfa Company developed the following information about its inventories in applying the lower-of-c...